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Palmer village, IL

ZIP 62556 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 62556

Median Home Value
$83,800
Median Rent
$438
Affordability Snapshot
$23,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$538/mo PITI).

10%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

1.5x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

15.9 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 62556 in Palmer village, IL, a household would need roughly $23,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $538. That sits below the local median household income ($54,327), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Mostly owner-occupied, low vacancy — stable housing market.

Heating Fuel
Housing Metrics
Owner Occupied
90.2%+38% vs US avg
x
Vacancy Rate
4.7%-55% vs US avg
x
Broadband Access
69.2%-20% vs US avg
x
4+ Bedrooms
1.3%-91% vs US avg
x
Built Pre-1939
6.0%-53% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
21.4%-57% vs US avg
x
Mortgage-Free
45.7%+20% vs US avg
x
$83,800
Home Value
$438
Rent
1950
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached90.7%
  • 1-unit attached0.7%
  • 2-9 units0.0%
  • 10+ units0.0%
  • Mobile home & other8.7%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$83,800
Median rent$438
Owner-occupied90.2%
Vacant4.7%
Price-to-income1.5x
Est. income to buy$23,000